Networking to get a PE/HF job?
I'm probably going back to the group I spent last summer in. It's arguably one of the worst industry groups at a lower-tier BB. I think the exit opps are pretty bad (no analysts seem to go to decent buy side jobs...and I'm not talking about KKR....like i think one or two analysts over the past two to three years has received a job at a $1 billion+ fund....most stay in banking, get their mba or go to very small buyside firms).
I'm assuming that means that recruiters probably aren't knocking down the doors of people in my group, and hence they will not help me much either. I'm curious as to how structured PE/HF hiring is. Is it all done through recruiters, or can people from mediocre groups get interviewed if they are proactive and reach out to alums and other sources.
I went to a non-target and received a few BB summer offers last year purely through getting in contact with alums and they were able to get me interviewed. Basically, I'm wondering if the same is possible on the buyside, or if my lack of banking pedigree will be a serious issue. Assume I actually do get a couple deals done and have something to talk about in an interview.
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Definitely possible. Get
Definitely possible. Get the experience and reach out to the recruiters and be persistent like you did when you were first getting into banking. Sounds like you already have a summer under your belt, so assuming you were a decent summer you should have some clout when it comes to getting first crack at the best deals right out of the gate. Work hard and get close with the senior bankers on your deal teams, and make sure you start early if you want to interview with the bigger shops.
Gametheory - what do you
Gametheory - what do you mean by "early"? Is that Sept-Nov? Or Jan - Feb?
tm11, how bad is the
tm11, how bad is the industry group that you're talking about, and why is it so lousy? are you sure you're not being hard on yourself? anyway, i agree with GameTheory -- persistence is key and tap any and all of your networks. recruiters may not come to you, but you can always go to them and if you make a strong impression for yourself and keep yourself at the forefront of their minds, they'll likely give you a chance. and if you want to move to a good PE/HF job, it doesn't hurt to get the blessing of the seniors on your team either.
numi, I guess I don't have
numi, I guess I don't have any specific numbers, and I probably am being a bit hard on myself, but it is not a good group. It's one of your standard industry groups that is at every bank (ie Energy, Industrials, FIG, Sponsors, RE, Consumer, etc.), but it is probably bottom 2 if not bottom 1 in the bank as far as industry groups go. I don't know why it's so bad except to say that the MDs don't pull in as much business as they should, and the group has not done a great job of hiring outside talent. Additionally, I think this makes the group undesirable and hence it does not end up with the best analysts (I chose the group because I thought the industry would be interesting).
Thanks for the advice, though. I'll definitely be proactive and do whatever possible to position myself well for the buyside.
when you interview, you
when you interview, you might just want to tell them that you chose the industry because you thought it was interesting, without mentioning anything negative about what you now know about the reputation. be very clear that you voluntarily choose that industry. if they ask what you didn't like about it, then maybe you can say something about things, but whatever it is, don't insult the people and don't rail on your group. maybe a good answer might be that you had thought you'd see more deal flow but it hasn't been so, and maybe it's just market-related. if they know your group, they'll know the reason for the slow business is probably because it's not a great group, but at least you'd be keen enough to realize that the deals that you were seeing weren't all they were cracked up to be and you're looking for a job where you can do more.